Interesting thanks Robin - I have been bullish EURUSD, but now the CFTC positions seem to agree with me. It struggles to beak 1.18 with the usual US Corporate USD demand it seems. AUDUSD CFTC positions even more so. USDCNH is lower because of Corporate selling of USDs, and as you say, this has lead to lower USDZAR etc. Banks are, ono the whole, bullish AUD into the New Year (why not - RMB stronger, China probably cut rates) - one small issue would appear to be the local pension funds, who do not appear to be adjusting hedge ratios. The JPY is destined to remain weak - given BOJ credibility, and the long end issues you point out - I don’t think they intervene in the currency market (famous last words - but their comments have stabilised the market for now). US NFP data may provide some clarity for the broader USD, and lead the market to expect the Fed to cut at the end of January. I remain bullish EURUSD, like EURJPY to 195, buy dips in Gold (I am sure China will continue to recycle their surpluses there), wait to buy the AUDUSD; Cable, there is still some short positioning, so that could surprise us all. USDCHF & EURCHF, the SNB have them well in control

Selective EM probably continues to do well since I think three will be allocations into EM Credit from US Corp credit. BRL looks relatively cheap now,